NBIS vs SPOT: Nebius Group and Spotify Technology SA compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Spotify Technology SA is the larger company, worth $111.5B, about 2.1 times Nebius Group.
- Nebius Group grew revenue faster over the last year (+479.0% vs +9.7%).
- Spotify Technology SA keeps more of each dollar of revenue as operating profit (12.8% vs -115.5%).
- On earnings, Spotify Technology SA is the cheaper stock (36.2x vs 669.9x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | NBIS | SPOT |
|---|---|---|
| Market cap | $51.9B | $111.5B |
| Share price | $221.07 | $529.14 |
| Revenue (last fiscal year) | $530M | $17.2B |
| Free cash flow (last fiscal year) | -$3.7B | $2.9B |
| Revenue growth, last year | +479.0% | +9.7% |
| Revenue growth per year, last 5 fiscal years | -8.4% | +15.5% |
| Operating margin | -115.5% | 12.8% |
| Net margin | 15.6% | 12.9% |
| Return on equity | 1.8% | 26.6% |
| P/E (trailing) | 669.9x | 36.2x |
| Price / free cash flow | — | 38.8x |
| EV / EBITDA | 69.3x | 21.9x |
| FCF growth the price implies | — | — |
| Dividend yield | — | — |
| Debt / equity | 1.71x | 0.80x |
| Fundamental grade | D | C |
| Superinvestors holding it | 0 | 12 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Nebius Group
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $753M | -$476M | -23.7% |
| 2022 | $1.3B | $682M | -12.1% |
| 2023 | $10M | $747M | -2915.3% |
| 2024 | $92M | -$562M | -436.7% |
| 2025 | $530M | -$3.7B | -115.5% |
Spotify Technology SA
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $9.7B | $276M | 0.97% |
| 2022 | $11.7B | $21M | -5.6% |
| 2023 | $13.2B | $674M | -3.4% |
| 2024 | $15.7B | $2.3B | 8.7% |
| 2025 | $17.2B | $2.9B | 12.8% |
Where the revenue comes from
Nebius Group · by segments, 2025
Nebius$480M90%
TripleTen$54M10%
AvRide Segment$1M0%
Spotify Technology SA · by segments, 2025
Premium$15.3B89%
Ad-Supported$1.8B11%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open NBIS in InvestinglyQuestions
Which is bigger, Nebius Group or Spotify Technology SA?
Spotify Technology SA (SPOT), at $111.5B against $51.9B.
Is NBIS or SPOT cheaper?
By trailing P/E, Spotify Technology SA (36.2x) is cheaper than Nebius Group (669.9x). A lower multiple can also mean the market expects less growth.
Which grows faster, NBIS or SPOT?
Nebius Group: revenue grew +479.0% over the last year, against +9.7%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.